1615 Locust St Canon City, CO 81212
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About this home
Great 4 Bedroom home in a great location on .23 fenced acres. Entering the home you will admire the wood flooring and wood accents on the ceiling in the large Living Room with access to the covered back wood deck. The Dining Room has also has wood flooring, a large island and opens into the Living Room and Kitchen. The Kitchen has been updated with stone backsplash and includes all appliances. The Master Bedroom features tons of sunlight and is on the main level as well as the full Bath and 2nd Bedroom that could be used as an Office. The 2 additional Bedrooms are both 12' x 12' on the upper level with vaulted wood ceilings. The .23 acre yard is completely fenced and has a gate on the North side for RV or Trailer parking. 2 good sized sheds are part of the luscious backyard and 2 Shares of Deweese Ditch are included for irrigation. NEW ROOF/GUTTERS, NEW HW HEATER. Motivated Seller - priced below appraised value.
Source: RECO #4561845
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FAQs
Roam is your trusted partner for affordable home ownership. We help manage the assumption process from start to finish, enabling homebuyers to easily purchase their next home with a low-interest rate mortgage attached.
To qualify, you must meet the current FHA, VA, or USDA loan requirements depending on the type of loan you are assuming. This typically means a minimum credit score of 580, although most lenders prefer 620-640. Your debt-to-income ratio should be under the 50% max under FHA guidelines. Additional information such as employment history, explanations of income for each applicant, and asset verification for a down payment may be needed to process the loan.
An assumable mortgage is a type of home loan that allows a homebuyer to take over the existing mortgage terms from the seller, with no cost to the seller. Many government-backed loans, such as FHA and VA loans, are eligible for assumption, and millions of these mortgages are available.
When interest rates on mortgages are high, assuming a mortgage with a rate as low as 2% allows buyers to save up to thousands monthly compared to buying a home with a traditional mortgage at today’s average rates of 7%. A low-rate assumable mortgage could be the key to finding your dream home at an affordable price.
Roam has compiled available listings with low-rate assumable mortgages for you to browse. To get started, enter the city, state, zip code, or school district you’re interested in purchasing in. Utilize the search filters to narrow down your search. Click “Save search” to save your search preferences and activate listing notifications—we’ll email you as soon as new listings match your criteria.
Once you’ve found your dream home and ready to make an offer, schedule a call with a Roam Advisor directly from the listing. Your Roam Advisor will guide you through each step of the process, while also working directly with your agent, the servicer, and the seller to ensure you close on time.
When assuming the existing mortgage as part of a home purchase, the buyer has to cover the seller’s equity in the home. The seller’s equity is the purchase price minus the remaining mortgage balance. This amount must be covered in full through an all-cash down payment or by taking out a second mortgage.
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